The Jio Platforms IPO has successfully closed with an overall subscription of 12.45 times, marking a historic milestone in India's primary market. According to Moneycontrol, the ₹30,213-crore offering attracted bids worth around ₹7 lakh crore and received a record 1.34 crore applications, demonstrating exceptional investor appetite across all categories. The issue, which closed for subscription on Friday, October 23, comprises 27 crore fresh shares with no offer-for-sale component, and at the upper price band, Jio Platforms is valued at around ₹10.3 lakh crore. The final IPO price is set to be fixed at the upper end of the price band of ₹1,119 per share, with Jio Platforms having already raised about ₹8,110 crore from 212 anchor investors on October 19 at the same price point. The IPO was fully subscribed within 100 minutes of opening, making it India's fastest-subscribed mega IPO.
Qualified institutional buyers emerged as the strongest investor category, subscribing to their portion 37.22 times, according to Moneycontrol data. The QIB category received bids for 1,82,41,48,944 shares against 4,90,07,827 shares reserved, with domestic financial institutions bidding for 85,27,48,680 shares and foreign institutional investors placing bids for 66,06,54,804 shares. This exceptional demand puts Jio Platforms ahead of other major IPOs, with the QIB subscription reaching 13.29 times, excluding anchor investors, marginally ahead of the National Stock Exchange of India's (NSE) IPO, which recorded subscription of 12.67 times. The non-institutional investor (NII) category attracted bids for 36,12,42,948 shares against 3,64,44,569 shares on offer, subscribing 9.91 times, while retail individual investors subscribed 1.71 times with bids for 14,56,53,528 shares against 8,50,37,327 shares available. The high-net-worth individual (HNI) category attracted ₹57,000 crore in bids, retail investors bid for ₹26,000 crore, existing shareholders placed bids worth ₹19,000 crore, and employees bid for ₹1,450 crore.
According to Safal Capital and Investoyard compilation, Jio Platforms has set 12 records during its three-day subscription period, including becoming the first IPO globally to cross one crore applications and India's largest public offering. The public issue received more than 1.25 crore applications, surpassing the previous reported record of 97.33 lakh, with retail applications crossing 1 crore - the highest recorded for the category. Applications from existing Reliance Industries shareholders crossed 21 lakh, reflecting significant interest among investors seeking direct ownership of the telecom and digital services business. The small high-net-worth investor category attracted more than 5.75 lakh applications, surpassing the previous record of 4,99,825, while applications from large high-net-worth investors crossed 3.5 lakh, compared with the previous record of 2,71,403. The employee reservation category also registered more than two lakh applications, setting another record. The IPO also set a record for demand on its opening day, attracting bids worth ₹67,117 crore, with the issue subscribed more than three times on October 21 - significantly higher than the previous opening-day subscription record of 1.04 times. Institutional investors accounted for the bulk of the demand, with qualified institutional buyers (QIBs) placing bids worth ₹3.87 lakh crore, surpassing the earlier record of ₹3.86 lakh crore.
The Jio Platforms IPO achieved exceptional subscription levels across all categories, with overall subscription reaching 22.19 times according to latest data from CNBC TV18. Qualified institutional buyers (QIBs) subscribed 70.55 times, receiving bids for 345.75 crore shares against 4.9 crore shares offered. Non-institutional investors (NIIs) subscribed 14 times, attracting bids for 51.03 crore shares worth ₹51,030 crore against 3.64 crore shares on offer. Retail individual investors (RIIs) subscribed 2.72 times, with bids for 23.11 crore shares worth over ₹25,000 crore against 8.5 crore shares on offer. Employee quota was subscribed 2.93 times with 9.9 million shares reserved, who are also eligible for a discount of ₹54 per share to the issue price. The shareholder category attracted 7.6 times subscription, with 4.23 crore shares offered and 90.3 crore bids received. The third day alone saw bids worth over ₹50,000 crore, with the retail portion being fully subscribed and reflecting broad-based investor interest in India's largest-ever public offering. The shareholder category attracted a subscription of 4.04 times, while the employee quota was subscribed 2.10 times. Against 19.75 crore shares on offer, investors put in bids for 438.26 crore shares, committing ₹4.90 lakh crore at the upper end of the price band.
Jio Platforms is poised to become the fourth company globally, after Meta, Alibaba and SpaceX, to join the select group of founder-led businesses achieving an equity valuation of more than $100 billion at the time of an initial public offering (IPO). According to Moneycontrol, at the IPO offer price, Jio Platforms carries a valuation of around ₹10.3 lakh crore, putting it among India's largest listed companies by market capitalisation. With Jio Platforms' listing, Reliance Group is also expected to become India's largest listed business group in terms of aggregate listed market capitalisation. The strong investor response came despite volatility in global equity markets and continued foreign selling in Indian equities. Jio Platforms nevertheless drew considerable interest from global investors, with foreign investors converting dollars into rupees to participate in the IPO also said to have increased dollar supply, providing support to the rupee amid rising oil prices. The strong investor response came despite volatility in global equity markets and continued foreign selling in Indian equities. Jio Platforms represents another major milestone following its $20 billion private-market fundraise from 13 strategic and private equity investors in 2020.
According to platforms tracking grey market activities, the shares of Jio Platforms are commanding a GMP of ₹257, over and above the issue price, indicating a premium of around 23% ahead of the final day of bidding. This translates into gains of 23% per share and gains of ₹6,170 per lot. However, the grey market is unofficial and its premium can change before listing and does not guarantee the price at which the stock will begin trading on the exchanges. The GMP has been trending volatile in the unofficial markets, reflecting the uncertainty in unlisted trading. The grey market premium is not an official metric to determine the listing price, is highly vulnerable to market volatility, and does not guarantee gains for investors. Jio IPO's grey market premium (GMP) today hinted at 21.81% listing day gains, indicating continued strong investor confidence in the issue. Grey market sources suggest the stock can list at a decent premium of over 20%, with the Jio Platforms IPO GMP on Friday morning at ₹240, indicating the stock can list at ₹1,359, a premium of 21.45% over the upper band of the issue price of ₹1,119. The grey market premium for the Jio Platforms IPO stood at ₹254 on Friday morning, as reported by Live Mint, implying an indicative listing price of ₹1,373, representing a premium of 22.70% at the upper end of the price band.
